Brookfield CT Fix And Flip

Work Description: Substantial renovation of a ranch house in dated, but sound condition in New Fairfield County

Purchase Price: $221,000

Renovation Budget: $38,000

Loan Amount: $220,000

Cash Available for Purchase: $182,000

Cash Available for Renovation: $38,000

Loan Structure: 12 months interest only

Loan Purpose: Property Purchase and Rehabilitation

ARV: $342,000

Sale Price: $380,000

Time To Pay Off: 6 months

Kitchen Before

Kitchen After

Situation:

Borrower contacted ABL through an internet search. The expected time to payoff was four to six months.

Outcome:

The renovation was conducted in a professional manner and completed on time, but somewhat over budget. The borrower experienced payment difficulties as his rehab budget was bigger than expected and the time on market was longer than expected. The loan was paid off in six months.